The average values of UK properties are on the increase, a recent report has revealed, and some surprising locations are seeing the benefit.
A study from Zoopla showed that while London continues to offer the greatest yearly change in values when it comes to property prices, Barnsley joined places like Glasgow, Cardiff and York in the top ten areas with the largest yearly increase.
That’s despite Yorkshire and the Humber as a whole experiencing a marginal fall of 0.37 per cent in average house prices in 2013 – the only region to witness a drop.
Homes in Barnsley saw an average price rise of 8.8 per cent from December 2012 to 2013. Only Cambridge, London and Newcastle were ahead when it came to the best performing areas.
Properties in the town saw an increase in value of £9,851 on average, with houses costing in the region of £122,769.
Not only is it the area with one of the fastest growing property values in the UK, it also offers the cheapest property in the top ten of best performing towns and cities in the Zoopla study.
This presents an excellent opportunity for investors that are looking to take advantage of a buy-to-let home.
Not only will the investment prove lucrative when it comes to income from monthly rental rates, it offers a chance to make a financial gain off a smaller initial outlay.
For example, while properties in Cambridge saw a yearly increase in value of £27,993, the cost of investment would be £344,881. Cheaper property, like those found in Barnsley, offer comparatively excellent returns without spending more in the first instance.
According to Lawrence Hall of Zoopla, the market has been boosted by government schemes like Help-to-Buy that have encouraged people to get onto the property ladder.
“With confidence in the market increasing, 2014 could see further price growth as transaction levels pick up, construction continues and more property comes to the market,” he observed.
Click here to view our latest apartments for sale in Barnsley.